Heelys and The Evergreen Group Ventures, LLC announced that on Oct. 22, they entered into a definitive asset purchase agreement under which an affiliate of Evergreen will acquire substantially all of the operating assets and assume substantially all of the operating liabilities of Heelys and its subsidiaries for $13.9M in cash, subject to customary pre- and post-closing adjustments. Heelys' cash and marketable securities, which totaled approximately $58.2M as of June 30, 2012, will not be included in the assets to be acquired in the Transaction. The Transaction was unanimously approved by Heelys' board of directors. The purchase agreement contains a 30-day period during which the company, with the assistance of its financial and legal advisors, will actively solicit, and potentially receive, evaluate and enter into negotiations with third-parties that offer alternative transaction proposals. The go-shop period commences on the date of the purchase agreement.